Binance: $6 Billion in Stolen Asset Losses Covered

According to TechFlow, on November 1, Binance officially announced that it has completed replenishing approximately $6 billion in assets to cover losses from the hack. Binance also confirmed that the transfer of funds from the Secure Asset Fund for Users (SAFU) has been completed, involving 7,499 BTC.

Previously, in Security Incident Update No. 3, Binance stated that it had set aside more than $6.34 billion in company funds to cover stolen losses, and the replenishment ratio for affected assets had increased from 80% to 90%. Among them, 10 assets, including BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, have achieved 100% reserve coverage.

Binance stated that the funding sources for the replenishment include a portion of the SAFU fund, the Futures Insurance Fund, and the company's own funds. The remaining assets to be replenished are primarily low-liquidity tokens, which will continue to be purchased through public markets and over-the-counter (OTC) channels. Binance commits to bearing all financial losses caused by this theft incident and will not pass them on to users.

Source: TechFlow